Apartments in Quebec: prices up despite higher vacancy rates

bureau-animation-information-logement-inquiete(Quebec) The cost of rent increases rapidly in the capital despite a significant increase in the apartment vacancy rate, according to data compiled by the Bureau animation and housing information (LEASE). Central neighborhoods in particular are less accessible, even in the lower town.

Since the beginning of spring, the organization of tenants rights has identified some 1,600 dwelling rent ads in newspapers and on the Web. The amounts required by the owners were then compared to those identified by the Canada Mortgage and Housing Corporation (CMHC) last October to assess the progress. And? Rents charged for the apartments on the market following an upward curve, says Jonathan Carmichael community organizer, in an interview with Le Soleil. “They are a lot higher than CMHC data.”

The lower town and the upper town would be most affected: “This is where the increases are most pronounced. […] The housing that is rented out are much more expensive. ”

At the heart of the capital, the flood would reach up to 13% in a few months for three-bedroom units. By spending $ 900 to $ 1,265 per month for a 5½, a tenant would pay well compared to the amount determined in the review in the fall, $ 100, $ 150 more per month for a house.

About $ 50 a month

On average, throughout the territory of the city, swelling rents would be about fifty dollars a month since October.

“People should be able to continue living in their neighborhood,” says Carmichael. He fears that households in tighter budget can not follow the market. “This is worrying.”

This growth in rents is observed by the LEASE, while there are more and more apartments for rent in Quebec. In a recent report on the national rental market, CMHC also emphasized that it is in the capital that the vacancy rate has risen most rapidly over the past year. In fact, it remained stable in the other regions, but believed significantly here.

“We’re in vacancy rates that we have not seen since the early 2000s,” suggests Jonathan Carmichael. “There are more [housing], but they are expensive.”

All sectors, however, suffer no inflationary pressure, he admits. It was around Beauport, for example, that prices would be more stable. Here and here and there, we even offer a free month to attract customers.

So how to explain the observed increase, especially in the city center? The sector would be popular, sought after. The law of supply and demand therefore would favor the owners, according to Mr. Carmichael.

The activist believes, however, that some owners take advantage of the departure of a tenant to raise the price of many. This would explain the significant difference between the compilation of CMHC and one just conclude LEASE. He recalled that the owner has the obligation to indicate its new customer the amount paid the previous inhabitant of the place. And that the increases are regulated by law.

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